. >> reporter: congressional leaders met with president obama at the white house, trying to avoid the automatic tax hikes and spending cuts set to kick in january 1. the president reminded lawmakers there's not much time left. >> we're now at the point where, in just four days, every american's tax rates are scheduled to go up by law. >> reporter: senators harry reid and mitch mcconnell returned to the senate floor, pledging to work through the weekend. >> we are engaged in discussions, the majority leader and myself and the white house, in hopes that we can come forward as early as sunday and have a recommendation. >> we're gonna do the best we can for the caucuses we have and the country that's waiting for us to make a decision. >> reporter: democratic and republican leaders have agreed to extend jobless benefits and some tax increases. but the income threshold is not yet clear. the president and senate leaders are expressing optimism that they'll get the job done. but the president has a backup plan just in case. >> if an agreement isn't reached in time, between senator reid and se